Under Secretary Brian Nelson addressed attendees at ACI’s Annual Flagship Conference on Economic Sanctions Enforcement and Compliance, expressing gratitude for the invitation and highlighting the importance of the practitioners' work in advising on sensitive sanctions matters. Nelson acknowledged the Treasury's efforts to enhance the rigor and effectiveness of sanctions enforcement and compliance. He emphasized the need for a modernized approach to sanctions in response to evolving global challenges.
Nelson praised the successful multilateral partnerships in response to Russia’s actions in Ukraine, noting the significant impact of sanctions on Russia's financial sector and technological advancement. He highlighted the effectiveness of measures like the multilateral price cap sanctions in curbing Russian oil revenues while maintaining stability in global energy markets.
The Under Secretary underscored the collaborative efforts in addressing various threats, including terrorist financing by groups like Hamas and Iran-backed entities. He emphasized the importance of multilateral cooperation in combating malign activities worldwide, stating, "Our commitment to multilateralism and joint action...is essential to a more effective approach."
Nelson also discussed the role of public-private partnerships in sanctions compliance, recognizing the valuable contributions of institutional leaders and industry partners in tackling compliance challenges. He reiterated the US's stance against sanctions evasion facilitators, emphasizing the consequences for those supporting Russia's military-industrial base.
Furthermore, Nelson highlighted Treasury's initiatives to address humanitarian concerns in sanctions implementation, including providing clear guidance and authorizations to mitigate adverse impacts on vulnerable populations. He commended the team's creativity and expressed optimism about future achievements in leveraging sanctions authorities.
In conclusion, Under Secretary Brian Nelson thanked the audience for the opportunity to share insights and collaborate on advancing economic sanctions enforcement and compliance efforts.
